{"id":254,"date":"2022-05-31T04:32:20","date_gmt":"2022-05-31T04:32:20","guid":{"rendered":"https:\/\/www.keylandcondo.com\/properties\/?p=254"},"modified":"2022-05-31T04:32:20","modified_gmt":"2022-05-31T04:32:20","slug":"keyland-ascott-partner-for-110-benavidez","status":"publish","type":"post","link":"https:\/\/www.keylandcondo.com\/properties\/keyland-ascott-partner-for-110-benavidez\/","title":{"rendered":"Keyland & Ascott partner for 110 Benavidez"},"content":{"rendered":"

First, the building itself. It\u2019s a glass-cladded 32-story structure that\u2019s designed by the architectural firm AEDAS, one of the designers of Marina Bay Sands in Singapore, and Aidea Philippines, one of the country\u2019s most recognized architectural practices.<\/p>\n

Looking at the renderings, it\u2019s going to be a beautiful building that\u2019s sure to stand out in its location \u2014 110 Benavidez St. in Legazpi Village, Makati, right behind AIM and just 350 meters from Greenbelt \u2014 where most of the structures are decades-old.<\/p>\n

Second, the business model. It\u2019s a partnership between boutique real estate developer Keyland Corporation and Ascott Limited, the world\u2019s leading operator of serviced apartments with its three brands: Ascott, Citadines and Somerset spread in 100 cities in 25 countries.<\/p>\n

The P1.2-billion condominium will be the new Citadines Makati and buyers have an option to choose between two kinds of units \u2014 as an investment wherein the unit becomes part of Citadines and is rented out to mostly long-staying corporate clients, or as a private residence.<\/p>\n

At the groundbreaking event two weeks ago, Keyland president Lito Montinola says that of the 209 units, 160 will be sold as serviced residences and the remaining as private residences.<\/p>\n

\u201cIf you\u2019re a typical condo investor, what do you do when the unit is turned over to you? You furnish it and rent it out,\u00a0minsan wala ka pang\u00a0<\/em>tenant, so you worry about it,\u201d Lito says. \u201cOr you have a tenant but you\u2019re still responsible for its repairs and maintenance. With 110 Benavidez, when you buy a serviced residence, it\u2019s practically worry-free. Citadines will take care of running it. On a regular basis, you get your dividends. It\u2019s like renting the property out but someone else is managing it.\u201d<\/p>\n

Keyland is a new player in real estate at only five years old, but in that short amount of time, they have developed office buildings in the country\u2019s leading CBDs \u2014 in Makati, Ortigas and Alabang \u2014 as well as mixed-use and residential condominiums such as Signa Designer Residences in partnership with Robinsons Land Corporation.<\/p>\n

They have also reaped several development awards including Property Guru\u2019s Best Boutique Developer for several of their projects such as Best Affordable Condo Development for Casa de Sequoia, Best Boutique Developer, and Best BPO Office Development for South Key Hub.<\/p>\n

\u00a0\u201cWe have carefully chosen design and project development partners who are renowned for their landmark projects,\u201d Lito says. \u201cThey all share our mission of building a sustainable, secure and bankable real estate product where investors and residents can enjoy hassle-free living.\u201d<\/p>\n

\n
Breaking ground for 110 Benavidez are Lito Montinola, Keyland president; Arthur Gindap, Ascott regional general manager; Ed Pinga, project development head; and architect Jojo Tolentino, Aidea Philippines president<\/div>\n<\/div>\n

Initially, the plan was to build \u201cjust another condo\u201d and sell it. \u201cBut we thought, how do we position ourselves in the market? There are serviced apartments here, but they\u2019re not for sale. So we thought, maybe we can do serviced residences for sale.\u201d<\/p>\n

Enter The Ascott Limited. From the beginning, Lito felt that Ascott would be the right partner. \u201cFirst, it was the quality of the properties that Ascott runs. Second, I observed their operations. Serviced residences are their core competence, so why bother running it ourselves? From day one up to when we were discussing the commercial terms, it felt right to partner with Ascott.\u201d<\/p>\n

Ascott Limited regional general manager Arthur Gindap says, \u201cFor our part, I did my due diligence before making a recommendation to our principals in Singapore.\u00a0 The first time I was introduced to their properties was at a groundbreaking event for one of their developments, then I saw a residential property they built in Alabang. Keyland\u2019s a small but very nimble company, they make decisions fast and they make them right. What Ascott brings to the table is our name, our expertise and that immediately puts a premium to the building. The business model of 110 Benavidez is something unique to Makati and there\u2019s no doubt it will be successful\u2026and you know others will follow.\u201d<\/p>\n

With Ascott\u2019s name on it, Keyland had to follow its standards \u2014 from the unit sizes starting at 30 sqm. for a studio all the way to 150 sqm. for a three-bedroom unit \u2014 including specifications of the furniture pieces and appliances and \u201cdown to the\u00a0kubiertos.\u201d<\/em><\/p>\n

\u201cIt\u2019s such a hassle trying to rent out an apartment,\u201d Arthur says. \u201cI know that for a fact because I\u2019m trying to rent out one myself. With 110 Benavidez, you get a deposit in your bank account every month based on the occupancy, and you have 10 days a year to use your unit for free, which is transferrable to, say, your relatives or friends who want to do a staycation. Beyond that, you pay the owner\u2019s rate.\u201d<\/p>\n

Lito says units start at P7.5 million for a 30-sqm. studio, which is fully furnished when they turn it over in 2022. \u201cWe\u2019re looking at six to eight percent per year (return) plus the appreciation of the property. What we also like about the arrangement with Ascott is that they demanded four percent of the annual revenues for the upkeep of the residences.\u201d<\/p>\n

Did Ascott drive a hard bargain? \u201cIt\u2019s a fair deal. And we\u2019re still friends,\u201d says Lito with a laugh.<\/p>\n

\u201cWith that amount allocated for maintenance, everything that needs to be fixed\u00a0will\u00a0<\/em>be fixed,\u201d says Arthur. \u201cThere\u2019s a 15-year lease back agreement, so if you buy a serviced residence, it will be in the Citadines pool for 15 years. After that, if you want to use it yourself, the unit will still be in pristine condition and the value is preserved. If you buy a typical condo, the problem is maintenance; after five years, it looks old. But since we\u2019ll be managing it, we have to keep your unit up to Ascott\u2019s standards all the time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

First, the building itself. It\u2019s a glass-cladded 32-story structure that\u2019s designed by the architectural firm AEDAS, one of the designers of Marina Bay Sands in Singapore, and Aidea Philippines, one of the country\u2019s most recognized architectural practices. Looking at the renderings, it\u2019s going to be a beautiful building that\u2019s sure to stand out in its…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[18,17],"class_list":["post-254","post","type-post","status-publish","format-standard","hentry","category-blog","tag-ascott","tag-keyland"],"_links":{"self":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/254"}],"collection":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/comments?post=254"}],"version-history":[{"count":2,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/254\/revisions"}],"predecessor-version":[{"id":262,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/254\/revisions\/262"}],"wp:attachment":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/media?parent=254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/categories?post=254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/tags?post=254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}